Nano core micro (688052)
Based on isolation and interface chips, the revenue and net profit will grow rapidly in 2021. The company focuses on analog integrated circuit development, and its products cover analog and mixed signals. Starting from the sensor signal conditioning ASIC chip, the company has expanded to the front and back end and launched integrated sensor chip, isolation and interface chip and drive and sampling chip, forming the product layout of signal sensing, system interconnection and power drive. In 2021, the company achieved a revenue of 862 million yuan, a year-on-year increase of 256.26%, and a net profit attributable to the parent company of 224 million yuan, a year-on-year increase of 340.29%. In 2022, Q1 company achieved a revenue of 339 million yuan, a year-on-year increase of 146.17%, and a net profit attributable to the parent company of 84 million yuan, a year-on-year increase of 148.22%. From the perspective of product revenue structure, in 2021, the revenue of isolation and interface chips accounted for the largest proportion, reaching 43.12%, and the revenue of driving and sampling chips and signal sensing chips accounted for 30.58% and 25.86% respectively.
Break through the foreign technical barriers of digital isolation chips, and the market share is expected to be further improved. Before the company launched digital isolation chip products, the field was mainly dominated by European and American manufacturers such as ADI, Ti and silicon labs. The company has actively broken through technical barriers. The company’s digital isolation chips have achieved multi category coverage, and many key technical indicators such as anti common mode transient interference ability and anti-static ability have reached or better than international competitive products. The main models of digital isolation chips in various categories have passed VDE, UL, CQC and other safety regulations certification, and some models have passed vde088411 enhanced isolation certification, filling the gap in China. The company’s digital isolation chips have successfully entered the supply system of front-line customers in many industries and achieved supply. According to markets and markets quoted in the company’s prospectus, the global shipment of digital isolation chips in 2020 was 700 million, and the market share of the company’s digital isolation chips reached 5.12%. We believe that with the continuous expansion of China Shanxi Guoxin Energy Corporation Limited(600617) automobile market, the company, as an earlier company in mass production of digital isolation chips in China, can take advantage of the first mover advantage to further improve the market share.
In line with the domestic substitution trend, driving and sampling chips have become a new revenue growth point. Combined with the independently developed digital isolation technology, the company has successively launched products such as isolation drive chip and isolation sampling chip with high integration. The isolation drive chip can be used to drive power devices in high-voltage power supply, and the isolation sampling chip can be used to detect current and voltage. It is widely used in communication base station power supply, new energy vehicles, industrial automation, smart grid, photovoltaic and other fields. The company’s driver and sampling chips are well certified in the early stage, and the product performance is excellent. In addition, customers in the fields of communication, industrial control and new energy vehicles in China comply with the domestic substitution trend and increase the procurement scale of relevant products. In 2020, the company successfully developed and launched drive and sampling chips. In the first half of 2021, it has achieved large-scale sales revenue and become a new revenue growth point.
There is a broad market in the field of automotive electronics applications, and the products continue to be sold in large quantities. Relying on its excellent vehicle specification level chip development ability and rich experience in mass production and quality control, the company actively distributes chip products in the field of automotive electronics. With rich product types and high standard product certification, the company’s pressure sensor and its signal conditioning ASIC chip products can meet the needs of full range automotive pressure sensors from micro pressure to medium and high pressure, and have realized batch supply to head manufacturers. At the same time, the company’s isolation and interface chips, drive and sampling chips have been laid out in the field of new energy vehicles, realizing batch supply to mainstream manufacturers.
Profit forecast and investment rating. We estimate that the company’s operating revenue from 2022 to 2024 will be RMB 1.651/23.05/3.039 billion respectively, the net profit attributable to the parent company from 2022 to 2024 will be RMB 476/7.23/966 million respectively, and the corresponding EPS from 2022 to 2024 will be RMB 4.71/7.16/9.56/share respectively. Based on the PE valuation method, combined with the product structure and industry status, we give the company 70xpe in 2022. We think the reasonable value of the company is 329.87 yuan / share, and give the rating of “better than the market” for the first time.
Risk warning: the R & D Progress of new products is less than expected; Industry competition intensifies; The epidemic continued to deteriorate.
